American consumer confidence tumbled this month to a four-month low, amid a gloomy economic outlook, according to The Conference Board. The U.S. economy has been facing persistently high inflation, energy shortages, and rising interest rates since last year, raising the risk of a severe recession in 2023. The Conference Board’s Consumer Confidence Index fell to 100.2…
Consumer Confidence Drops to Four-Month Low, Future Outlook ‘Gloomy,’ Recession Risk ‘Elevated’: Conference Board
November 30, 2022
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Dollar Heads for Biggest Monthly Loss Since 2010 Ahead of Powell Speech
LONDON—The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China’s COVID-19 restrictions set it on course for its biggest monthly loss since late 2010. Eurozone inflation in November showed the first monthly deceleration since June last year, as…
Oil up Over 2 Percent on Tighter Supply
November 30, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose by over 2 percent on Wednesday on signs of tighter supply, a weaker dollar, and optimism over a Chinese demand recovery. Brent crude futures rose $2.06, or 2.48 percent to $85.09 per barrel by 1044 GMT. The more active February Brent crude contract rose by 2.02 percent to $85.95. U.S. West Texas…
Global Shares Mostly Higher Ahead of Fed Chair’s Key Speech
November 30, 2022
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TOKYO—Global shares were mostly higher on Wednesday, ahead of a closely watched speech by the Federal Reserve chief that may give clues about future interest rate hikes. Investors were also eyeing developments in China, where protests have erupted over the “zero-COVID” strategy that has confined millions of people to their homes, sometimes for months. France’s…
Crypto Exchange Bitfront Shuts Down
Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp., said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry. “However, despite our efforts … we have regretfully determined that we need to shut…
BlockFi Tells Bankruptcy Court It Is ‘The Antithesis of FTX’
BlockFi, the first direct casualty of crypto exchange FTX’s collapse, told a U.S. bankruptcy judge on Tuesday that the U.S. cryptocurrency lender was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible. BlockFi filed for Chapter 11 protection on Monday, citing FTX’s collapse and volatility in the…
S&P 500 Ends Down as Apple Dips and Traders Eye Powell Speech
The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors also focused on recent protests against COVID-19 curbs in China, including at the world’s biggest iPhone factory. Apple’s stock…
Closing Prices for Crude Oil, Gold and Other Commodities (Nov. 29)
November 29, 2022
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Benchmark U.S. crude oil for January delivery rose 96 cents to $78.20 a barrel Tuesday. Brent crude for January delivery fell 16 cents to $83.03 a barrel. Wholesale gasoline for December delivery was unchanged at $2.33 a gallon. December heating oil rose 8 cents to $3.30 a gallon. January natural gas rose 4 cents to…
US to Auction Almost 1 Million Acres Off Alaskan Coast for Oil Drilling
November 29, 2022
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Almost one million acres off the coast of Alaska will be auctioned off by the Biden administration next month for oil and gas drilling. This is to comply with a mandate in the Inflation Reduction Act (IRA) that was part of a compromise imposed by Sen. Joe Manchin (D-W.V.) on the White House to gain…
Bankman-Fried’s Money Tied to Major Media Outlets, Bringing ‘Journalistic Integrity’ Into Question
FTX founder Sam Bankman-Fried gave millions to various media outlets throughout 2022 via his family-run nonprofit, “Building a Stronger Future.” The major companies who received funding include Vox, ProPublica, Semafor, and The Intercept. In some cases, donations appear to be crucial to the viability of the recipients. In a leaked letter to staff members, Roger Hodge,…
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